The curtain has fallen on the real estate year of 2021. Looking back, it was a year of: offer dates, 24-72 hour irrevocable dates, bully or pre-emptive offers, multiple offers, selling over asking, etc. Yes, it was quite the year with continuing trends that began in the spring of 2020 just after the COVID 19 pandemic took hold. With the recent emergence of the Omicron variant, the pandemic continues to rage on. Will the real estate market continue to rage on too? Based on looking at some data and consulting some real estate resources it seems the market will continue to roll on nicely into 2022.
According to the recently released Royal LePage Market Survey Forecast the aggregate price of a home in Canada is set to rise about 10.5 per cent to $859,700 in 2022.
In Huntsville, the average price as of Dec. 31, 2021 was $744,833 up almost 25 per cent from Dec. 31, 2020 and up 153 per cent since Dec. 31, 2011.
The homes that are selling are in general selling for over the list / asking price.
As of Dec. 31, 2021, homes in Huntsville are selling about four per cent over the list / asking price whereas back in 2011 homes were selling about five per cent below the list / asking price.
At the present time the market is in favour of sellers. The basic law of supply and demand is dictating some market trends at this time. Home supply is at its lowest point on recent record. In Huntsville, months of inventory as of Dec. 31, 2021 was 1.4 months. The months of inventory has gradually slipped each year from a high of 9.4 months in 2011.
Not only is the inventory of homes for sale historically low, the homes that are listed for sale are selling faster. In Huntsville, median days on the market as of Dec. 31, 2021 was 12 days. Once again this number has gradually reduced each year from a high of 56.5 days in 2011.
Other factors that will likely contribute to a sellers’ market in 2022:
- Demand from buyers who were unable to finalize a purchase in 2020 or 2021.
- Growing need for homes from newly formed households and newcomers coming to the area.
- The current rise of the Omicron variant may contribute once again to more people working from their home bringing into focus the importance of a home as a place to both live and work. Buyers may realize they need to make a change in their housing requirements to accommodate these additional needs.
- Typical travel and entertainment tendencies may be held off again and buyers will continue to conserve more cash to possibly contribute to the purchase of a new home or even a recreational property.
Paradoxically the threat of rising interest rates may push buyers into making a home purchase now. It is felt that mortgage rates are likely going to increase at some point in 2022. The onset of higher interest rates, coupled with some unknown factor/event that crops up in 2022, may begin to slow the market down from the lofty heights where the market currently exists.
Statistics can be broken down into a multitude of property types and geographic locations. Numbers are quoted for Huntsville Residential Market Activity for properties located both on and off the water.
Sources reviewed to help with the formulation of this article:
- CREA Stats: December Residential Market Activity and MLS® HPI Reports prepared for the Lakelands Association of Realtors
- Royal LePage’s 2022 Market Survey Forecast
- Brian Buffini’s Real Estate Report (Canadian Edition 1st Biannual 2022)
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Many REALTORS® focus all their energy on building a hefty client list. While that is good for their bottom line, it doesn’t allow them to craft
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“You offered wisdom and guidance and delivered information in a way that never felt condescending. That takes real skill and experience to get it right. I also appreciated your flexibility in scheduling viewings and your patience in answering all of my questions. Thank you!”
Combined with their experience in real estate is their expertise in other areas that are just as handy when it comes to buying and selling homes. Rick is well-versed in both appraisal and luxury home marketing. Sandra has navigated the professional ins and outs of real estate law. Over the years, the two have garnered many awards reflecting their commitment and passion for real estate and their ability to communicate effectively with clients to push connection and understanding during what can be a stressful time in their clients’ lives. As they approach the pinnacle of their careers, they aim for client satisfaction above all else.
“Your preparedness and professionalism gave me confidence in a somewhat stressful situation.”- Sandra C.
The adage, “it takes a village,” is true in the world of real estate, and Rick and Sandra have immense appreciation for the support their administration team provides. This underpinning gives Rick and Sandra the time to focus heavily on client-facing operations giving every person face time with either Rick, Sandra or both, throughout the entire buying or selling experience.
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“We always felt that you were just a phone call away to answer any questions. You always had the patience for our queries. You gave us your opinions but allowed us to make our own decisions.” – Tony and Dolores
Although Rick and Sandra know what it takes to market themselves, the bulk of their client list consists of referrals from friends, family, former clients and fellow REALTORS®. The strong word-of-mouth impact on their success is just one example of how interactive and personalized the buying or selling experience is with Rick and Sandra. Client satisfaction is important to Rick and Sandra, and to them, you’re so much more than a commission. You’re a part of their family—a blended group of six children, five grandchildren, and two family pets.
“During the process of selling two of our homes this year, we feel a friendship has developed with Rick and Sandra. We cannot say enough good things about the two of them.” – Steve and Angela
Their compassion in their personal and professional lives doesn’t stop at those they know—Rick and Sandra are proud supporters of community organizations and initiatives, including the Huntsville Festival of the Arts and Meals on Wheels, an organization that proved vital to members of their community during the COVID-19 pandemic.
With Rick and Sandra, you aren’t simply hiring REALTORS®. You are gaining partners that truly care about you and your buying or selling experience.
When the time is right to buy or sell your home, cottage or condo in the Huntsville, Lake of Bays or Almaguin region, you want to work with a local realtor partnership ready to help you every step of the way. Rick Wearing and Sandra Parrott, Your Real Estate Partners are one of the
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Please feel free to contact either one of them at 705-788-3535 or email at [email protected] today.